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Casino operator turns a profit

Posted on July 31, 2013 10:48:35 PM [ BusinessWorld Online ]
BLOOMBERRY Resorts Corp. saw a turnaround in its second-quarter financial performance after it opened Solaire Resort & Casino -- its sole operating asset -- last March, according to a financial report the company disclosed through the Philippine Stock Exchange yesterday.
The company said it booked a net income of P22.68 million in the April-June period, a turnaround from P126.94-million losses recorded in the same quarter last year, according to unaudited consolidated financial statements of comprehensive income.
Solaire, an integrated casino complex, started operations last March 16, making it the first of four licensees at the Bagong Nayong Filipino Entertainment City in ParaƱaque City to start operations.
Bloomberry generated P3.6 billion in total revenues in the second quarter, the company said in its report.
In a separate statement yesterday, the company said gross gaming revenues in the quarter amounted to P3.32 billion, while non-gaming revenues from the hotel, food and beverage, retail and other operations totaled some P267 million.
Stripping out promotional allowances of P576.4 million, gaming revenues accounted for 92% of total revenues while non-gaming revenues and interest income accounted for 7.4% and 0.4%, respectively, of the total.
Total expenses stood at P3.658 billion in the second quarter with the bulk accounted for by “operating expenses followed by cost of sales, interest expenses and financing charges and foreign exchange losses.”
Second-quarter gains notwithstanding, the company’s losses still widened to P1.033 billion in the first half from P260.85 million on higher expenses for the completion of Solaire.
Bloomberry, in the statement, said it was focusing on ramping up its gaming business by unveiling various programs, events, promotions and other strategic marketing activities.
“It was during the second quarter of 2013 when the group signed up several junket operators, bringing in foreign VIP players,” it said.
Enrique K. Razon, Jr., Bloomberry chairman and president, said second-quarter profitability is expected to be sustained.
“It is gratifying to know that Solaire has begun to generate profit after only a few months,” Mr. Razon was quoted in the statement as saying. “I am confident that this trend will continue.”
“At the same time, there is no let-up in our ramp-up programs, many of which are already on stream,” he added.
Shares of Bloomberry added 10 centavos or 0.85% to close P11.90 apiece yesterday from P11.80 each last Tuesday. -- C. H. C. Venzon  
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